Technical Outlook – The bulls have comfortably enjoyed the upward journey since establishing a near-term base at $8.50, back in early September 2019.
After holding to a bullish trek for three and a half months, unfortunately, to say, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), are showing signs of a potential downturn in the short-term.
Therefore, the bullish sentiment is now expected to stage a course correction to the bearish side.
Technically, it is expected that supply will overthrow this month’s demand and therefore expects a pullback to $9.50. Reassess from there.